All Forum Posts by: Account Closed

My banker is currently running some numbers to see if we can get a property we have our eye on and the underwriter has specific questions he wants answered. I'm trying to answer them to appease the underwriter as much as possible

Bold - Underwriters questions

Normal - My answers

Italicized - My thoughts

Who will be the property manager since you are working full time?

I currently manage over 100+ properties and don't feel as though 10 more will be that daunting. < Worst thing they can do is ask me to get another PM right?

Would the owners be willing to finance 25% of the proceeds?

Could you elaborate on the 25% proceeds question? < I'm assuming they're talking about owner financing the downpayment, but the word "proceeds" throws me off, what do you think?

Do you have current contracts on these tenants to see when their lease expires?

We will have the contracts during the due diligence period, following an approval. < Any suggestions?

@Joe Villeneuve No we didn't pay off the mortgage, just the debt that came from the renovations. Assuming we'll have that same amount if not more in 2015 we'll only be able to purchase one of hose options on our own.

@Elizabeth Colegrove Thanks and that makes since, I'm sure we'll find our niche soon.

@Elizabeth Colegrove 

Thanks I want to buy the empire state building at this point, LOL, but I've been reading Unfair advantage by Robert Kiyosaki and there's no way for me to reach my goals with out partnering or learning the different ways of constantly acquiring in which case partnering is the only way I currently know. 

Is it personal preference to only partner with your husband, or because you guys move around so much <<< I read your bio.

In 2014 we paid off all of our renovation debts from our first purchase, and we're gearing up to buy again in 2015. First we were thinking small scale (like another duplex) but since I got a job managing 100+ properties I'm sure I want to take a bigger bite. 

I have the opportunity to owner finance 6 units from my boss, but now I also have the opportunity for 8 units w/ some acreage, 10 units, and I've also spotted another opportunity with 48 unit complex.

Clearly I'm cash depleted at this time so besides finding local investors to partner with can you think of any viable options?

Let me know and Merry Christmas

@Ebrima Drammeh 

I would suggest buying a house that has a basement apartment, or a duplex and renting half of it out. That way if you "fail" you know that at least you can cover your own mortgage. 

Don't take to big of a bite on your first go at it, build on your experience, you may find managing tenants is not something you want to do. 

As far as credit, there is risk involved with all investing because we can't predict what will and won't happen, but you want to take calculated risk. 

What are you thinking will happen in terms of failure anyway? inability to find tenants?

I can send you a move in and condition form if you 'd like, just email me.

Originally posted by @Account Closed:

"Also, in order to be a Property Manager, you must be a licensed Broker or work for a Broker who is licensed in all states but about three.  The other three you must be a licensed Property Manager, so check your state law before you jump in to property management."

 I'm fairly new to investing but what do you mean by this?

That sounds like a good plan, you could probably send mailers out and start building some interest and inquisition.